Maryland Real Estate Exam Prep
Questions and Answers
what does the brokers act require be done with earnest money deposits when there
are no instructions to the contrary from their owner and beneficial owner?
A. they are to be placed in an interest-bearing account
B. they may be withdrawn at any time prior to settlement, as long as a licensee's
signature appears on the escrow check
C. They may be commingled with the broker's funds
D. they must be deposited in an insured and approved financial institution in MD -
ANSWER-Answer: they must be deposited in an insured and approved financial
institution in Maryland
Which statement pertaining to licenses held by Maryland real estate brokerage
licensees is NOT correct?
A. They are required for every person who sells real estate for consideration
B. Their holders are regulated by authority of the Business Occupations and
Professions Article of the Maryland Annotated Code
C. They are not issued to corporations or associations.
D. they are issued and administered by the Maryland Real estate commission -
ANSWER-Answer: They are required for every person who sells real estate for
consideration
Which of the following satisfies the requirement that a broker maintain an office?
A. A post office box
B. A mechanical answering machine
C. A definite place of business
D. A telephone answering service - ANSWER-Answer: a definite place of business
Relations with which of the following is NOT addressed in the Commission's Code of
Ethics?
A. Fellow Licensees
B. Clients
C. The real estate commission
D. Members of the public - ANSWER-Answer: The Real estate Commission
In Maryland, whom is primarily responsible for the real estate brokerage services
provided through a corporation?
A. The licensed real estate broker or the firm
B. the chairperson of the corporate board
, C. the majority shareholder of the corporation
D. the president of the corporation - ANSWER-Answer: The licensed real estate
broker or the firm
Broker's principle are called?
A. Managers
B. Customers
C. Clients
D. Prospects - ANSWER-Answer: Clients
When can a brokerage lawfully perform dual agency?
A. when both sellers and buyers have agreed to dual agency on a particular property
B. When the firm, has only two individual licensees in it
C. when the firm's broker designates two company licensees, one to represent the
seller and another for the buyer
D. when the firm has been certified by the Commission for dual agency brokerage -
ANSWER-Answer: when the firm's broker designates two company licensees, one to
represent the seller and another for the buyer
What is a requirement for a licensed real estate salesperson to deliver real estate
brokerage service?
A. affiliation with any licensed real estate associate broker
B. performance of real estate acts only on behalf of the broker under whom they are
licensed
C. operate a real estate business under their own name or designated name
D. membership in the local board or association of Realtors - ANSWER-Answer:
performance of real estate acts only on behalf of the broker under whom they are
licensed
Which is TRUE when brokers handle the purchase and sale of residential real
property?
A. they may not act as the agent of the buyer
B. They may personally represent both buyer and seller if both parties agree
C. they may not represent both buyer and seller in the same transaction without
designating two intra-company agents
D. they are agents of the owner of the property being bought or sold - ANSWER-
Answer: they may not represent both buyer and seller in the same transaction
without designating two intra-company agents
What must be shown in ads placed by licensees for a property listed in their firm?
A. designated name of the broker
B. general location of the property
C. Name and address of the property owner
D. Name of the listing salesperson - ANSWER-Answer: designated name of the
broker
Questions and Answers
what does the brokers act require be done with earnest money deposits when there
are no instructions to the contrary from their owner and beneficial owner?
A. they are to be placed in an interest-bearing account
B. they may be withdrawn at any time prior to settlement, as long as a licensee's
signature appears on the escrow check
C. They may be commingled with the broker's funds
D. they must be deposited in an insured and approved financial institution in MD -
ANSWER-Answer: they must be deposited in an insured and approved financial
institution in Maryland
Which statement pertaining to licenses held by Maryland real estate brokerage
licensees is NOT correct?
A. They are required for every person who sells real estate for consideration
B. Their holders are regulated by authority of the Business Occupations and
Professions Article of the Maryland Annotated Code
C. They are not issued to corporations or associations.
D. they are issued and administered by the Maryland Real estate commission -
ANSWER-Answer: They are required for every person who sells real estate for
consideration
Which of the following satisfies the requirement that a broker maintain an office?
A. A post office box
B. A mechanical answering machine
C. A definite place of business
D. A telephone answering service - ANSWER-Answer: a definite place of business
Relations with which of the following is NOT addressed in the Commission's Code of
Ethics?
A. Fellow Licensees
B. Clients
C. The real estate commission
D. Members of the public - ANSWER-Answer: The Real estate Commission
In Maryland, whom is primarily responsible for the real estate brokerage services
provided through a corporation?
A. The licensed real estate broker or the firm
B. the chairperson of the corporate board
, C. the majority shareholder of the corporation
D. the president of the corporation - ANSWER-Answer: The licensed real estate
broker or the firm
Broker's principle are called?
A. Managers
B. Customers
C. Clients
D. Prospects - ANSWER-Answer: Clients
When can a brokerage lawfully perform dual agency?
A. when both sellers and buyers have agreed to dual agency on a particular property
B. When the firm, has only two individual licensees in it
C. when the firm's broker designates two company licensees, one to represent the
seller and another for the buyer
D. when the firm has been certified by the Commission for dual agency brokerage -
ANSWER-Answer: when the firm's broker designates two company licensees, one to
represent the seller and another for the buyer
What is a requirement for a licensed real estate salesperson to deliver real estate
brokerage service?
A. affiliation with any licensed real estate associate broker
B. performance of real estate acts only on behalf of the broker under whom they are
licensed
C. operate a real estate business under their own name or designated name
D. membership in the local board or association of Realtors - ANSWER-Answer:
performance of real estate acts only on behalf of the broker under whom they are
licensed
Which is TRUE when brokers handle the purchase and sale of residential real
property?
A. they may not act as the agent of the buyer
B. They may personally represent both buyer and seller if both parties agree
C. they may not represent both buyer and seller in the same transaction without
designating two intra-company agents
D. they are agents of the owner of the property being bought or sold - ANSWER-
Answer: they may not represent both buyer and seller in the same transaction
without designating two intra-company agents
What must be shown in ads placed by licensees for a property listed in their firm?
A. designated name of the broker
B. general location of the property
C. Name and address of the property owner
D. Name of the listing salesperson - ANSWER-Answer: designated name of the
broker
